US HOT STOCKS: Deutsche Bank, HSBC, Citigroup
By Daniel at 14 January, 2009, 11:21 am
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US HOT STOCKS: Deutsche Bank, HSBC, Citigroup
Last Update: 1/14/2009 10:20:27 AM
Among the companies whose shares are actively trading in Wednesday’s session are
Deutsche Bank AG (DB), HSBC Holdings (HBC) and Citigroup Inc. (C).
Deutsche Bank AG (DB, $29.36, -$2.54, -7.96%) Wednesday warned on fourth-quarter
and full-year earnings, saying that exceptionally tough market conditions in
sales and trading drove it to an after-tax loss of around EUR4.8 billion for the
fourth quarter and around EUR3.9 billion for the full year.
HSBC Holdings (HBC, $42.39, -$3.46, -7.55%) is down after a critical note from
Morgan Stanley in which the broker said the lender may have to raise as much as
$30 billion and slice its dividend in half.
Citigroup (C, $5.13, -$0.77, -13.05%) and Morgan Stanley (MS, $17.91, -$0.95,
-5.04%) will combine Citi’s Smith Barney retail brokerage and Morgan Stanley’s
wealth-management operations in a joint venture. Morgan Stanley will pay Citi
$2.7 billion for Smith Barney, Smith Barney Australia and Quilter in the U.K. and
take a 51% stake in the combined brokerage, which will become the largest in the
world.
Barclays PLC (BCS, $8.42, -$1.27, -13.11%) has identified 2,100 jobs that are at
risk in its U.K. Global Retail & Commercial Banking unit, a spokeswoman said
Wednesday.
Other Stocks In Focus:
Bunge Ltd. (BG, $40.44, -$7.73, -16.05%) cut its 2008 earnings expectations and
issued a 2009 view below analyst estimates, saying fourth-quarter results were
hurt by soft demand for soybean meal and oil.
Eagle Rock Energy Partners LP (EROC, $7.10, $0.79, 12.51%) said late Tuesday it
completed a series of hedging transactions to boost cash flows and said it would
maintain distribution levels for the year.
Collins Stewart started eBay Inc. (EBAY, $13.34, -$0.79, -5.59%) at sell, saying
it believes the company is currently where Yahoo (YHOO) was three years ago. The
firm added eBay needs changes in its core business as its has severe loss of
market share, management changes and no major innovations.
F.N.B. Corp. (FNB, $9.64, -$2.12, -18.03%) expects to report a fourth-quarter net
loss of $17 million to $21 million, or 19 cents to 23 cents a share, because of
write-downs and additional loan-losses related to its Florida loan portfolio.
Ford Motor Co. (F, $2.36, -$0.12, -4.84%) will pay an unspecified amount to
Navistar International Corp. (NAV, $26.60, -$1.60, -5.67%) to settle all
litigation between them, and the companies will continue to collaborate on a
variety of projects.
Regional department-store chain Gottschalks Inc. (GOTT, $0.11, -$0.08, -41.67%)
filed for bankruptcy protection, and the retailer said one resolution could be
its sale. The filing isn’t a surprise to many industry watchers, who had
considered Gottschalks among the most at risk of needing to seek aid while under
bankruptcy.
Huntington Bancshares Inc. (HBAN, $5.29, -$0.62, -10.48%) named Stephen D.
Steinour its new chairman, president and chief executive a week after the
regional bank confirmed it was looking for a successor for Thomas E. Hoaglin, who
held led the company since 2001.
Kenneth Cole Productions Inc. (KCP, $5.94, -$0.27, -4.35%), a footwear and
apparel maker, said late Tuesday it expects a fourth-quarter operating loss of 20
cents to 30 cents a share on revenue of $125 million. The company forecast a
same-store sales decline of 11%, citing the worst retail climate in decades. The
outlook is below analysts’ estimates.
Linear Technology Corp.’s (LLTC, $21.98, -$0.62, -2.74%) fiscal second-quarter
net income fell 10% on lower sales, and the analog chip maker said bookings
continue to be weak in the current quarter.
Nortel Networks Inc. (NT, $0.32, $0.00, 0.00%) Wednesday filed for Chapter 11
protection in U.S. Bankruptcy Court in Wilmington, Del. Shares fell 76% in
premarket trading, but trading was halted at the opening bell at 32 cents a
shares.
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